Shine Lawyers has welcomed the successful appeal in the Worley Limited shareholder class action, describing the outcome as a significant achievement on behalf of affected shareholders and a win for the integrity of Australia’s continuous disclosure regime.
The class action concerns allegations that Worley Limited, formerly known as WorleyParsons, lacked reasonable grounds for earnings guidance it issued in August 2013 and re-affirmed in October 2013, and failed to keep the market properly informed about its financial outlook. Following a corrective disclosure on 20 November 2013, Worley’s share price fell 26 per cent, from $21.59 to $16, causing substantial losses to investors.
After the remittal judgment delivered on 19 December 2023 found misleading and deceptive conduct and continuous disclosure breaches but concluded that causation and quantification of damages had not been proven, Shine Lawyers filed an appeal on 7 February 2024. The matter was listed for hearing on 19 to 21 March 2025, and Shine says the appeal has now succeeded.
Shine Lawyers’ Head of Class Actions Craig Allsopp said the outcome marked an important vindication for shareholders who had waited for over ten years for accountability.
“This is a significant result for shareholders who have pursued this matter over many years and a strong reminder that ASX-listed companies will be held to account if they contravene their disclosure obligations,” Mr Allsopp said.
“Cases like this are about more than one company or one point in time. They are about maintaining confidence in the market and ensuring shareholders can make decisions based on information that is accurate, complete, and timely.”
“This landmark decision could not have been achieved without the dedication and perseverance of Shine’s legal team led by Practice Leader Jonathan Wertheim.”
Registrations in the class action are currently closed, but Shine Lawyers says that in light of the successful appeal, it will consider seeking further orders from the Court to allow additional registrations.
More information: Worley Limited Class Action | Shine Lawyers
